After dropping from its all-time high of $3.31 in 2018, XRP formed multiple symmetrical triangles on various timeframes. The crypto asset has been trading within these patterns over the last six years with no sign of breaking out.
Despite the bull market in 2021, which triggered new all-time highs for several cryptocurrencies, XRP remained suppressed.
This underperformance has attracted the attention of some notable market analysts. Among them is Market Maestro, who sees no hope in XRP breaking from the six-year triangle soon.
No Sign of Breaching The Six-year Symmetrical Triangle
Aside from the six-year symmetrical triangle, an XRP chart analysis shows two smaller triangles. One formed after XRP dropped from the $1.96 high in April 2021, and the second emerged after XRP slumped from a high of $0.93 last July.
Market Maestro highlighted this consolidation pattern in a September 29 tweet. He noted that XRP has been stuck within the triangle for the past six years since January 2018.
$XRP #XRP
The breakout hasn’t occurred yet! pic.twitter.com/yjNS5qdjJY— MarketMaestro (@MarketMaestro1) September 29, 2024
His analysis suggests caution, as there’s no sign of XRP breaking out soon, given it repeatedly tested the $0.6 resistance level but failed to surpass it.
Maestro’s chart shows that XRP remains within a consolidation zone and keeps falling back despite multiple attempts to ascend higher. According to Market Maestro’s outlook, XRP requires more buying momentum or a robust external catalyst to break out from the triangle pattern.
XRP Breaking Out of Minor Triangle Patterns
While Market Maestro shares a cautious outlook, crypto analyst Mikybull adopted a more bullish sentiment. His analysis highlighted a three-year triangle pattern from April 2021, when XRP slipped off the $1.96 high.
According to Mikybull, XRP has just started to break out of this smaller triangle. His chart indicates the start of a significant upward trend, with bullish candles showing a robust rally above the triangle’s upper boundary.
The analyst believes XRP’s breakout from this triangle will lead to a more profound rally. He predicts that XRP’s price could reach between $10 and $20 in the current market cycle.
Notably, the momentum and volume indicators hint at increasing buying pressure, showing that XRP is gearing up for a significant price increase.
Another notable market analyst, XForceGlobal, shared a similar sentiment. XForceGlobal’s analysis shows that XRP has just disappeared from a multi-year BD trendline. He says if XRP stays above the trendline for a few more weeks, its price could reach between $7 and $10.
Ripple just broke the multiyear BD trendline.
If we get a few more weeks of staying above, and even retesting it, say hello to $7-10, no questions asked. pic.twitter.com/1doWC77UEK
— XForceGlobal (@XForceGlobal) September 29, 2024
Like Mikybull’s analysis, XForceGlobal’s hinges on the premise of an ongoing XRP breakout. They suggest the asset could be poised for a substantial price increase in the long term.
However, the crypto analytical platform CryptoBusy shared a short-term outlook. CryptoBusy analysts acknowledged that XRP had broken out of the symmetrical triangle formed when it declined from $0.93 last July.
This breakout facilitated a 9% increase to the $0.66 threshold over the weekend. However, the momentum has dwindled, with XRP trading around $0.6284.
Nonetheless, XRP remains above the $0.60 psychological threshold. This level is crucial for a sustained upward trend and its subsequent trajectory. If this level fails to hold, XRP could retest $0.5 in the coming days.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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